Harvard Business Publishing

As the world looks to the titans of capitalism to hit the "reset" button on the global economy, what can we learn from entrepreneurs about the principles and practices needed to survive — or even thrive — in a downturn? How can we keep our heads above water when so many institutions are cratering and so many people are panicking? One of the key themes that came through in our interviews with 55 leading business and social entrepreneurs worldwide — many of whom started their enterprises during or in the wake of a recession — is what we call "adaptive persistence." What marks the successful entrepreneur is relentless persistence, a refusal to give up when things go south. But that doesn't mean being bull-headed and knocking on the same door over and over. It means going around the back door one day and the side door the next until we... Keep Reading »

Talking about whistling while you work. Lindon Beckford, who works in the patient transport department at a Boston hospital, takes that adage to a new level. Not satisfied with schlepping gurneys from room to room, this native Jamaican has turned the hospital into his own personal concert hall: he strolls from ward to ward singing--from Kenny Rogers to Jamaican reggae, R&B, and gospel. He infuses the hospital hallways with soulful melodies to bring a touch of grace to people in their hour of need. His goal, according to an NPR report, is to make the medical center a happier place for the people under his care--every day. That, he says, gives his job a greater purpose than simply transporting people in wheelchairs and stretchers. At this job for 23 years, he's been connecting with patients since day one. One recent patient was Barbara Darling, in for surgery after a cancer... Keep Reading »

We recently discovered that our book is now being sold by online bookseller BetterWorld.com. Digging deeper, we discovered that these guys are the real deal in terms of the "triple bottom line" of people, planet, and profits. (Be sure to check out our interview with co-founder Xavier Helgesen in the audio player below.) BetterWorld was started by three friends and ultimate Frisbee teammates at the University of Notre Dame -- Helgesen, Jeff Kurtzman, and Chris Fuchs. Looking for a way to make some extra cash, they started selling their used textbooks online. The idea gained momentum and, in partnership with a local community center, they launched a more aggressive book drive - this time collecting 2,000 books and raising $10,000 for the center. Sensing they were onto something, they submitted a business plan to the McCloskey Business Plan competition and won the "Best Social Venture" category. With their winnings, these... Keep Reading »

Burnout is widespread today — especially among high-achievers. One could say it's an epidemic in the modern workplace. (See the stats table at the bottom of this post for details.) How do we slay this burnout beast? There are three primary weapons at our disposal, but first we need to understand exactly what it is we're up against. What Is Burnout? According to psychologist and counselor Dr. Audrey Canaff, "Job burnout is a response to work stress that leaves you feeling powerless, hopeless, fatigued, drained, and frustrated." And a team of psychologists in a major study on this issue reports that "Burnout is a prolonged response to chronic emotional and interpersonal stressors on the job, and is defined by the three dimensions of exhaustion, cynicism, and inefficacy." By contrast, its counterpoint is engagement, which is characterized by energy, involvement, and efficacy at work. In today's hyper-competitive (and ailing) economy, we... Keep Reading »

There is much talk in this year's historic presidential campaign about how much voters should weigh the candidates' experience. Turns out that entrepreneurs have much to teach us here. Experience is an essential factor to consider, but not in the way that most people view it. When evaluating a candidate, most people seek a litany of accomplishments that demonstrate sound judgment, and failure is considered radioactive. Fair enough, but more often than not the character and worldview of leaders are shaped not via their accomplishments but by their setbacks in the crucibles of challenge. We tend to learn more from our mistakes than our successes. At our best, we turn them to our advantage. Thomas Edison once said, "I make more mistakes than anyone I know. And eventually I patent them." Many venture capital firms look for entrepreneurial leaders with a failed start-up or two under their belt, for the... Keep Reading »

During our interviews with 55 successful business and social entrepreneurs worldwide, we were struck by the fact that many had started their enterprises during a recession or in the wake of one. Prominent examples include Clif Bar, Chipotle, and Hanna Andersson. Several others started their companies (including Cranium and Honest Tea) just before a recession. Many people assume that entrepreneurs are allergic to recessions. It turns out that downturns can be times of tremendous opportunity--and, yes, profit--for entrepreneurs. But only if they play their cards right. That's exactly what the founders of Clif Bar, the organic nutrition bar enterprise, and Method, the environmentally friendly cleaning supplies company, did. (Both were recently featured by Inc.com.) Gary Erickson discovered some real advantages to starting Clif Bar smack in the middle of a recession, like contract manufacturers hungrier for business. As an entrepreneur in start-up mode, Erickson had the luxury of focusing on... Keep Reading »

While world-class organizations craft banner vision statements to inspire their efforts toward success, most people haven't thought to do so for themselves. As we watch the Olympic Games in Beijing, we are reminded in interview after interview with champion athletes about the importance of envisioning their success, of visualizing their performance flowing perfectly, leading to the medal ceremony and their dreams coming true. Aristotle observed that "the soul never thinks without a picture." Creating a compelling vision for our lives -- one that includes not just a vision of our professional accomplishments but also a vision for family life, education, health, community engagements, travel, and adventures -- can point us in new directions and provide the drive we need to get there. A personal vision statement asks: what do I want to be, do, and contribute in life -- and who do I want to share it with? Some people... Keep Reading »

Here's the basic formula for entrepreneurship: Understand a problem, grasp its full context, connect previously unconnected dots, and have the vision, courage, resourcefulness, and persistence to see the solution through to fruition. Case in point... Today, over 400 million people worldwide live in poverty. Most depend on the use of their hands and their eyesight to provide for themselves and their families. As they age, near-sightedness threatens their livelihoods. For more than 40% of these people, a pair of over-the-counter glasses sold in any Western drugstore would substantially increase their productivity and quality of life. But many people don't have access to these eyeglasses. During dozens of medical missions to the developing world, Dr. Jordan Kassalow, a practicing optometrist and public health expert, saw the problem firsthand. It was obvious that scores of near-sighted people languishing in poverty needed glasses. But Dr. Kassalow also realized that if a member of... Keep Reading »